Quotes of the New Zealand Dollar to US Dollar NZD/USD end the trading week near the 0.6629 area. Moving averages indicate a bullish trend for the pair. Prices broke the area between the signal lines upwards, which indicates pressure from buyers of the currency pair. At the moment, we should expect an attempt to grow the currency pair on Forex and test the resistance area near the level of 0.6675. Then, a rebound and continuation of the fall of the currency pair with a potential target below the level of 0.6135.
NZD/USD Forecast and Analysis August 3 — 7, 2020
An additional signal in favor of the fall of the NZD/USD currency pair will be a test of the resistance area on the relative strength index (RSI). The second signal will be the formation of an inverted Head and Shoulders reversal pattern. Cancellation of the option of falling quotations in the current trading week August 3 — 7, 2020 will be a strong growth and a breakdown of the 0.6895 area. This will indicate a breakdown of the resistance area and continued growth of the NZD/USD pair with a potential target above the level of 0.7295.
Confirmation of the fall of the currency pair on Forex will be a breakdown of the support area and closing of quotations below the 0.6365 area, which will indicate a breakdown of the lower border of the ascending channel.
Among the important news from New Zealand that may affect the rate of the New Zealand Dollar, it is worth highlighting: New Zealand Employment Change q/q.
NZD/USD Forecast and Analysis August 3 — 7, 2020 suggests an attempt to test the resistance level near the 0.6675 area. Further, the continuation of the fall of the NZD/USD pair to the area below the level of 0.6135. An additional signal in favor of the fall will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the pair will be a strong growth and closing of the NZD/USD quotes above the level of 0.6895. In this case, we should expect a continuation of the rise with the target above the level of 0.7295.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link